Bank of America Board Tenure Below Average

Some directors on Bank of America Corp’s board have come under fire for being there too long. But the average tenure of the company’s board is shorter than the average tenure for directors at S&P 1500 companies.

The average tenure of the bank’s directors is five years, according to an investor presentation on Bank of America’s website. That compares with an average of nine years for the S&P 1500 companies, according to Institutional Shareholder Services’ ISS Quickscore unit.

The Wall Street Journal reported on Monday that some investors want the longest-tenured directors at the bank to leave. One investor, Jonas Kron, argued the board need “fresh eyes,” while Jonathan Finger called it “unnatural” to have directors on boards for more than 10 years.

Charlotte, N.C.-based Bank of America currently only has two directors that have been on the board for longer than 10 years. Charles Gifford, former chairman of the bank, and Thomas May, chairman and CEO of Eversource Energy, have both been on the board since 2004.

Investors will vote on board members and splitting the bank’s chairman and CEO roles during a Sept. 22 meeting.

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